Bitcoin Price Set To Crash To $85,000
Analysts are currently predicting a further breakdown in the Bitcoin price as market volatility has led to the cryptocurrency being in a tight consolidation zone. Crypto expert Hamed_AZ on TradingView has shared a bullish and bearish outlook for the Bitcoin price, with the analyst highlighting that a crash to $85,000 is more likely.
Hamed_AZ believes that the Bitcoin price is poised to decline further, potentially reaching new lows at $85,000. The analyst noted that the cryptocurrency has been trading sideways and has been unable to break out of its current consolidation zone.
Earlier this month, the Bitcoin price dropped to levels below $100,000, failing to break key resistance areas in its attempt to reach new all-time highs. The sharp decline was likely due to broader market volatility and a shift in sentiment. However, the cryptocurrency has been unable to recover its position above $100,000, driven by downward pressure from recent tariffs implemented by the United States on other countries.
Hamed_AZ asserts that if Bitcoin continues to trade below key resistance levels, the market will remain in a downtrend with no signs of an upward movement. The analyst shared two possible scenarios for the cryptocurrency’s future trajectory, leaning towards a more corrective outlook and projecting that Bitcoin could retrace back to the support zone before initiating another upward move.
In the analyst’s price chart, the support zone for Bitcoin is highlighted between $85,000 and $87,500. While Bitcoin is known for not staying in a downtrend for too long historically, the analyst still expects a further breakdown in its price, indicating that a decline at this time is a more likely scenario.
The analyst also illustrated a descending channel pattern in the chart, indicating a short-term downtrend for Bitcoin. The Fibonacci level at 0.382 aligns with the support zone, making it a strong potential area for a price reversal. A bounce from this support would invalidate further bearish momentum, with the support zone serving as a critical demand area where buyers typically step in, reinforcing price stability.
Possible Bullish Scenario If Key Resistance Levels Are Breached
Despite the bearish prediction of the Bitcoin price dropping to $85,000, Hamed_AZ also presented an alternative bullish scenario that could propel the cryptocurrency to new all-time highs. The analyst believes that if Bitcoin can successfully break resistance levels between $97,000 and $102,500 and close above them, the market should anticipate a continuation of its previous uptrend.
A confirmed breakout from this resistance area would signal stronger market dynamics and further growth for the Bitcoin price. Based on the analysis, the analyst expects Bitcoin to rise as high as $120,000, surpassing previous all-time highs attained earlier this year.
In conclusion, while there is a bearish outlook for the Bitcoin price leading to a potential crash to $85,000, there is also a bullish scenario if key resistance levels are breached, leading to new all-time highs for the cryptocurrency.